On his blog, Sample Of One, Eric Lonergan has a post tiled Accounting as religion: Buffett, Derrida, and MMT. The post ends with the following line:
"… but money is not a liability of the state."
Eric’s post is arguing with the Neochartalists but my post here has nothing to do with Neochartalism. I always find it amusing when people go “money is not the liability of the state, even though it’s technically a liability” and so on. I am going to take a different track here and make an argument like James Tobin’s brilliant 1963 paper Commercial Banks As Creators Of “Money” .…
2 comments:
"money is not a liability of the state"
"money" is a metonym so it can be many things... and morons can argue about what it is or isnt....
quite right Matt
And I became one of them today
:)
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